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The politically stagnant city could be out of cash by early next year, but the long-awaited announcement Tuesday that Mike Ilitch wants to build a $650-million entertainment district anchored by a spanking new home for his Red Wings provided a reassuring boost to flagging spirits in Detroit.

There was no word, however, whether the new arena would include a state-of-the-art padlock to keep the players out.

The announcement before state legislators in Lansing isn't exactly the encouraging hockey news we wanted to hear as the NHL lockout threatens to gut an entire season if common sense doesn't soon prevail. But it is great news for all Michiganders that the private sector isn't letting the city's potential fiscal death sentence deter folks from their dreams of further revitalizing downtown.

The Wings are long overdue for a new home, but the only way this entertainment district makes business sense would be if the Pistons are involved, ensuring more dates at the arena and improving the financial viability of restaurants, bars and retail outlets.

The Pistons are the key.

Owner Tom Gores' stance toward a move downtown has softened each time he has been asked about it. He said last month that he would consider a shared arrangement with the Wings, even though he has a very functional and paid-for Palace. He said he would consider a move if it could grow his basketball investment.

He really doesn't have another option.

It's simplistically flawed reasoning that all the Pistons must do is win more games and the crowds will once again flood to Auburn Hills. The corporate support isn't there as it was before the 2008 economic downturn that dramatically streamlined the automobile industry. There's now a greater consolidation of corporate resources downtown, and that's likely to increase in the immediate and long-term future, with the proposed Ilitch development and entrepreneur Dan Gilbert buying up older downtown buildings to transform into remodeled office space.

The high-income households in Bloomfield Hills, Birmingham, Troy and Royal Oak that the Pistons tapped into for years are increasingly more comfortable spending time and money in downtown Detroit.

Gores is a very shrewd businessman and might have some negotiating leverage because the Ilitches will need the Pistons to make their vision work.

As reported in this column last month, the Woodward-Temple area just a few blocks north of the Fox Theatre appears the most logical site for the new development. The city and state are hoping they can still attract federal grant dollars for a 3.3-mile light rail system down Woodward. And their pitch to the Obama administration becomes much easier if they can reassure Transportation Secretary Ray LaHood with the promise of more business and entertainment activity with a possible 100 Wings and Pistons regular-season and playoff dates every year to help justify the expenditure.

Detroit can no longer provide the necessary corporate backing for four professional teams in four separate facilities. It isn't economical. The consolidation of assets is the action that makes the most sense.

Taking the first steps toward a new, sparkling entertainment jewel for Detroit was definitely a good day for Mike Ilitch, the realization of a long-held dream. But it may eventually prove to be an even better day for Tom Gores.